Finansbransjens digitale revolusjon har så vidt begynt

Fra en beskjeden start for kun få år siden har norsk finansteknologi (fintech) blitt et sentralt tema i videreutviklingen av norsk finansnæring. Kombinasjonen av regulatoriske endringer som krever at bankene tilgjengeliggjør deler av sin betalingsinfrastruktur for tredjeparter gjennom betalingsdirektivet PSD2, endringer i kundenes forventinger og adferd og mulighetene som ligger i ny teknologi utgjør en perfekt storm som driver frem behovet for endringer i bransjen.

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Banking is necessary, banks are not

Banking is necessary, banks are not was stated by Bill Gates all the way back in 1994, and has served as the mantra for the first wave of fintech. Following the Silicon Valley obsession of disrupting incumbent industries, numerous fintechs were ready to challenge every aspect of banking and deliver better banking services directly to consumers. Armed with the recent Millennial disruption index, where 71% of respondents claimed to rather visit the dentist than listen to their bank everyone was convinced that the days of incumbent banks were numbered.

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Unleashing the global potential of Norwegian fintech

The Norwegian fintech scene has in few years grown from a modest infancy to a force to be reckoned with in only a few years. In order to utilize this potential we have decided to establish the association Finance Innovation with the main objective to build a global fintech hub. Behind the inititive is more than 20 key finance and tech companies in Bergen. The cluster will act as a catalyst to launch new initiatives in research, education, innovation infrastructure and internationalization.

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Fintechs and incumbents accelerating together

The Nordic fintech scene is growing fast in terms of number of startups and investments and innovative and ambitious startups are popping up in all of the major cities. TheFactory – a Nordic Fintech accelerator and incubator based in Oslo, Norway, is running 12-week accelerator programs tailored to fintech startups, TheFactory is open for applications through August 3rd. Startups seeking industry partnerships, mentoring and seed investments are encouraged to apply.

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Are banks ready to put their money where their mouths are when it comes to fintech?

By now, almost everyone in the banking industry agrees that we are facing a perfect storm of changes that will forever alter the landscape for financial services. However, it still seems like a long way from talking about it to acknowledging the potential threats and challenges. And an even further way towards putting that knowledge into action.

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Open banking: A playbook for banks and fintechs

The landscape for financial services is changing, and the jury is still out as to how the endgame is going to play out. One of the concepts shaping this future is open banking. After looking into the subject, it is becoming clear that there is no one size fits all open banking strategy. Rather, there are several tactical moves that are being played aout by a variety of both banks and fintechs. No matter which strategic option(s) you choose to follow, open banking will fundamentally change banking the same way internet banking once did.

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Why Amazon is the most likely western tech giant to fully enter finance

Rumors of competition from the technology sector has been going on for a while in the financial industry, and last week the debate heated up when it was rumored that Amazon was considering acquiring Capital One. There may be some obstacles regarding this specific scenario, but it does not change the fact that Amazon already is well positioned to take a strong position in financial services regardless of regulatory barriers for structural growth.

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The Next Generation of Robo-Advisors

The traditional defense for human financial advisory boils down to a deep faith in the excellence of human reasoning and intelligence, coupled with more or less positive view on the emotional capacity and intuition of human beings. This is now challenged by the changing customer behavior and needs, the emergence of financial technology, and especially, an increasing number of robo-advisory services, perhaps redefining the concept of financial advisory altogether.

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Fintech and the disruption of banks – where are we now? Part 1: Payments

The landscape for financial services is changing, and while some trends stand out as inevitable, the endgame is still unclear. Fintech is not one single discipline, but a collective term descibing diferent ways of improving and/or disrupting traditional financial services through use of technology, hence the term FinTech. Payments is still the biggest and most mature field within fintech, what is the state of payment innovation, and how is this affecting incumbents?

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Fintech predictions for 2017

Another exciting year for fintech has passed, and I will once again attempt to say something about the how fintech and the future of financial services will develop in the coming year. By now it is clear that the changing landscape for financial services is an evolution rather than a revolution, and many of these as well as my 2016 predictions will have a long-term perspective before we see any potential impact. No matter the case, attempting to predict the future is a surefire way to be mistaken.

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How technology is changing asset management

There is nowhere to hide in the changing landscape of financial services, and asset management is no exception. With the rise of robo advisors and intelligent automation, asset managers and financial advisors are potentially facing the same fate as the retail stock brokers. According to a survey conducted by the CFA Institute, the majority of respondents, which included more than 3,000 chartered financial analysts around the world, view asset management as the industry most at risk from disruption.

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A talk with ThoughtMachine on VaultOS and the future of core banking

Core banking is considered for many as the gordian knot in the digitization of banking. As a result, a vast majority of fintech companies are innovating around the core, leaving legacy IT to the banks. However, some entrepreneurs are audacious enough to attempt to renew core banking from scratch. I had the pleasure of meeting Tristan Fletcher of ThoughtMachine in London earlier this fall, and used the occasion to ask him a couple of questions of which problems ThoughtMachine is attempting to solve with VaultOS.

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The fintech ecossytem in Norway is becoming a force to be reckoned with

The fintech scene in Norway is growing at an accelerating pace, and if we learned anything from Londons success is that a strong fintech ecosystem is a catalyst for growth in the sector. While the fintech sector in Norway is still at an adolescent stage, a lot have happened since its infancy only a couple of years ago.

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Brace yourselves for the next wave of fintech

After an all time high for fintech funding of USD 16 billion in 2015, followed by a strong Q1 of 2016 with global investments of USD 5,7 billion, investments suddenly dropped in Q2 2016. Despite a drop in Q2 investments, KPMG claims that 2016 is on track for another all time high for fintech investments. While some speculate that UK fintech funding could have been affected by Brexit uncertainty, another explanation could be that we are now seeing the undertow before the second wave of fintech.

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Core banking – fintech’s final frontier

If it ain’t broke, don’t fix it. This idiom has acted as a rule of thumb for core banking solution for several years. While analysts has claimed repeatedly that legacy IT is slowing incumbents down, the existing and sometime ancient core banking systems still work flawlessly. Although, even if something works an upgrade is due when the world around is moving at an increasingly rapid pace.

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You can’t have financial inclusion without digital inclusion

One of the most exciting aspects of fintech is the promise of delivering financial services to the unbanked and underbanked population of the world. According to the World Bank, 2 billion people are still unbanked in the world today. Even though this is a high number, it still is a decrease of 20 percent since 2011. Of the unbanked population, 1,5 billion people are unbanked due to their inability to prove their identity through a valid birth certificate, passport, proof of residence through utility bill or some other means to fulfil traditional KYC-procedures.

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What does PSD2 mean for online merchants?

The purpose of the upcoming payment service directive PSD 2 is to create an even playing field for payments and encourage innovation. The players on this field include banks, fintechs, the PCI (Payment Card Industry) and merchants. While banks are at risk of losing up to 43 percent of retail payment revenues by 2020, the directive represents several opportunities for online merchants.

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